'Laughing At Wall Street' Author Chris Camillo Shares The Best Way To Teach Your Kids About Investing: 'I Started Accounts For Them'

"Laughing At Wall Street" author Chris Camillo found that taking matters into his own hands was the best approach to teach his kids about investing. He recently joined the "Iced Coffee Hour" podcast to discuss his approach.

"I wanted my kids to invest when they were way younger," he told "Iced Coffee Hour" co-hosts Graham Stephan and Jack Selby. "They just wouldn't do it, so I started accounts for them. I'm crushing it in their accounts."

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More Parents Are Helping Their Children Financially

If you invest for your children, you can get them started much sooner and give them a significant financial advantage by the time they graduate from college. He lives in a wealthy area and recently asked a real estate broker how a recently listed home in the area is doing. The house is expensive, and Camillo recounted what the broker told him about the potential buyers.

"Every single person I've shown that house to is getting money from their parents," Camillo said. “Every single one." 

Stephan said that he had a similar experience when selling his Los Angeles home. Most of the buyers received financial assistance from their parents. Getting your kids to invest early will give them advantages, but putting yourself in a position to financially support your children can give them more opportunities. 

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Financial Assistance May Shift Away From College Tuition

Many parents save money to support their children, especially for college tuition. It's easier to take action yourself than force children to invest if they aren't eager to save money. However, Camillo and the "Iced Coffee Hour" co-hosts predicted that financial help will shift from college tuition to down payment assistance. 

There are many side hustles that let people earn full-time incomes without a college degree, and if universities become less essential, the same money meant for financial aid can go toward a home. Camillo also told "Iced Coffee Hour" how risky college can be from a financial perspective.

"If you are a kid that is coming into the world in their 20s with no money and a bunch of debt from college, you are not starting at the same level as everyone else," he said. "You are starting 10 levels below everyone else."

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Preparing Your Kids For The Future

Camillo's advice centers around setting your kids up with a financial cushion by investing in their accounts and setting aside some money for part of their down payments. However, Camillo's case of his kids not wanting to learn much about investing may be an anomaly.

"Investing is part of the culture of being young now, especially for young males," he said on the podcast. "If you don’t do it, it’s almost like, ‘Wait, you’re not doing this?' You’re not trading?

It's never too early to invest in your children. If they learn how to invest by following your example and their peers, they can build wealth even faster.

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